India Mobilises $73 Billion in Forex Inflows in Under 11 Weeks
· Business · Economic Times, CNBC
India has mobilised $73 billion in foreign exchange inflows in less than 11 weeks through non-resident deposits and commercial institutional funding. The finance ministry stated that this mobilisation pace and scale surpasses the Reserve Bank of India's 2013 FCNR(B) swap scheme, which raised about $26 billion over three months. Non-Resident Indian deposits alone accounted for $65.40 billion of the total inflow. With one week remaining before the scheme closes, the finance ministry expects it to rank as the largest and fastest foreign-currency mobilisation exercise globally. The government secured these long-term funds on tap to strengthen its external buffers with high cost-efficiency.
Why it matters
This massive foreign exchange influx fortifies India's external economic buffers and provides stability to the rupee amid ongoing global uncertainties.
Read the original report — Economic Times
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